行业研究报告-PDF版

英国通讯管理局（Ofcom）：移动产业的市场结构、投资和质量报告（英文版）（44页）.pdf

在过去十年左右的时间里，欧洲内外一直在讨论，移动电信市场集中度的提高是否会给消费者带来好处使移动网络运营商(MNO)能够对其网络进行更多的投资，从而提供更优质的服务;或者，相反，更集中的市场对消费者不利，导致更高的价格，而这并不能转化为消费者的利益。这场辩论在世界各地一些司法管辖区的移动部门合并调查中特别相关。最近，欧盟总法院(GC)撤销了欧盟委员会(EC)阻止英国Three/O2合并的决定，这再次凸显了有关移动行业整合的辩论。获得合并许可的测试通常要求合并不应将竞争减少到导致消费者损害的程度。通常情况下，当价格是主要竞争变量时，如果合并可能导致至少5%-10%的价格上涨，预计消费者伤害也会随之而来。在预期价格上涨的情况下，如果合并产生的效率收益转化为消费者利益，从而显著减少或消除价格上涨对消费者造成的损害，则合并仍可能被清算。GC在其撤销Three/O2决定中特别指出，EC在其评估中应考虑此类消费者利益出现的可能性。然而，这种效率通常特别难以证明达到所需证明标准的充分信任水平。行业团体GSMA(2017年、2020年)通过对移动整合和质量成果之间关系的两项实证研究，为这一讨论做出了贡献。这些报告证明了这样一种观点，即合并可以通过提高跨国公司投资网络的能力和动机来改善消费者的收益：这是合并管理局在决定是否批准合并时将考虑的分析要素之一。作为英国电信监管机构，尽管Ofcom不负责竞争与市场管理局(CMA)职权范围内的合并审批，但Ofcom密切关注本次讨论的进展，我们通常就电信市场的合并向CMA提供建议，并进行我们自己的分析和研究。

2021-03-11 44页 5星级

国际金融公司（IFC）：新兴市场和前沿市场女性商业领袖调查报告（英文版）（110页）.pdf

国际金融公司最新出版物开拓者：新兴市场和前沿市场女性商业领袖的画像中的专题旨在展示世界各地的女性领导力。这里的女性是一个非凡的群体。尽管她和她的家人受到暴力威胁，但她一个人却在行业最高级别上解开了腐败.

2021-03-08 110页 5星级

Launchmetrics：奢侈品时尚领先市场的前20强（英文版）（16页）.pdf

随着各行业的品牌继续面临欧美全球流行的影响，中国已经开始出现一定程度的复苏，预计到2025年，中国将成为全球最大的奢侈品市场。中国也是奢侈品市场中唯一一个在2020年实现增长的地区(+45%)，这使得.

2021-03-08 16页 5星级

贝恩：全球并购市场报告2021（76页）.pdf

正如我们在去年的报告中所写的那样，监管已逐步扩大，远远超出了评估交易对市场力量和消费者利益的影响的传统要求，监管权力已转向国家利益、数据隐私和对未来竞争的影响等问题。2020年，世界各国政府继续加大对.

2021-03-05 75页 5星级

全球适应中心（GCA）：COVID-19对软件行业估值水平影响报告（英文版）（30页）.pdf

虽然软件指数因全国范围的关闭和留在家中的订单而经历了波动，但大多数精选指数已恢复到COVID-19之前的水平，因为考虑到所有行业都需要更大的数字能力，软件行业被认为是结构性赢家。基础设施、开发和ERP软件部门由于提供可靠的基于云的解决方案而出现了大量库存和多次扩张，这些解决方案在不断增长的远程劳动力中需求量很大；随着企业急于保护端点并打击公共云中的漏洞，安全软件的开支预计将增加。从中期来看，我们预计，具有高经常性收入、高利润率以及围绕通信、协作、内容交付和安全的关键资产的软件公司将经历需求和使用率的增长；这些产品的估值倍数可能会出现有意义的扩张。虽然并购项目在3月和4月放缓，但随着对高质量软件资产的需求增加以及投资者寻求利用闲置资本，交易价值和交易量预计将反弹。从长期来看，我们预计软件估值将保持稳定，因为它们能够应对宏观敏感事件的重大风险敞口，并通过灵活的经常性收入模型驱动现金流。我们预计，未来几个季度，并购市场将上升，关键云基础设施资产和其他任务关键型解决方案的优先级将提高。

2021-03-03 30页 5星级

全球适应中心（GCA）：亚太地区可再生能源行业报告（英文版）（29页）.pdf

主要国家的可再生能源发电尽管可再生能源产能不断增加，但亚太地区可再生能源采用率仍有较大提高空间。亚太地区在采用可再生能源方面存在增长空间，预计这将进一步提高可再生能源的产能。主要国家可再生能源采用增长目标印度：印度可再生能源部门允许100%的外国直接投资（FDI），无需政府事先批准（自动路线）；政府的各种政策举措旨在通过激励项目开发商和建设输电基础设施，为增加可再生能源装机容量创造有利环境。中国：中国已经实现了2030年早些时候20%的目标，并正在从上网电价制度转向竞争性招标；可再生能源项目被列为“鼓励性”项目，不需要任何最低限度的国内参与日本：2019年实施的海洋可再生能源法有望推动海上风电项目。该法案将允许这些项目长期独占使用海域；中国还计划引入上网电价制度。预计可再生能源发电机将获得高于通过现货市场确定的批发价格的溢价。可再生能源投资考虑到增长的净空和对可再生能源采用的长期关注，亚太地区一直是该领域全球投资比例最大的地区。尽管可再生能源的总投资保持在相对相似的水平，但由于太阳能和风力发电的平准化电力成本（LCOE）的降低，绝对容量增加有所增加。全球范围内，太阳能光伏项目的加权平均LCOE从2010年到2018年已降低了73%。同期，陆上风电项目的加权平均LCOE降低了约30%。LCOE的下降是由于设备成本的降低以及太阳能和风能设备效率的提高。亚太地区在可再生能源领域获得了最大的投资。亚太地区可再生能源产能增加投资中国：由于计划从2021年起减少补贴，大部分投资用于风力发电项目。日本:尽管太阳能项目获得了最高的投资，但生物发电项目的投资（比2018年）增长了26%。印度：并网太阳能继续获得最高投资。台湾：海上风电项目的上网电价制度继续吸引投资。可再生能源外商直接投资的来源和目的地西欧国家资助的项目最多，亚太地区是新项目的主要目的地之一。

2021-03-03 29页 5星级

IBEF：印度玩具行业报告（英文版）（18页）.pdf

行业概况随着年轻人口的增长、可支配收入的增加以及一系列针对年轻人口的创新，印度玩具业正在不断扩张。在电子玩具、拼图、建筑玩具、娃娃、骑乘、运动和户外玩具、婴幼儿/学龄前玩具和活动玩具等各个玩具领域，该.

2021-03-02 18页 5星级

全球适应中心（GCA）：行业覆盖率报告：食品饮料行业趋势（英文版）（79页）.pdf

从2021年开始，GCA将推出其食品和饮料技术领域的覆盖范围，包括食品和饮料价值链的每个阶段，从生产和加工到零售和餐饮服务。这一包罗万象的“农场可折叠”方法旨在评估5个主要类别中应用技术的作用、影响和最终优势：1.应用软件2.数据与分析3.市场4.物联网5.自动化自2017年以来，超过297亿美元（1）已投资于至少980家餐饮科技企业，而约290家买家收购了410多家，总交易价值652亿美元（平均交易价值6.266亿美元）（2）。共同投资主题包括：随着技术进步和竞争加剧，自动化取代相对昂贵的边际劳动力通过精确控制已知变量的可操作步骤；以及对不可控事件的分析和预测注重可持续性；监管机构和消费者都要求对整个供应链进行严格跟踪。

2021-02-26 79页 5星级

益普索：赋予中国美容行业未来（英文版）（37页）.pdf

2020年是丝芙兰进入中国15周年。丝芙兰目前是中国最大的美容品零售商，拥有全方位的超级全渠道。从2005年的第一家门户网站到如今覆盖全国77个城市的261家门户网站，拥有自己的电子商务网站、APP、.

2021-02-25 37页 5星级

全球适应中心（GCA）行业覆盖率报告：资产维修软件（英文版）（53页）.pdf

GCA正在推出“资产维护与维修”（AM&R）软件，这是一种主题方法，用于识别和分析22个垂直市场（从汽车维修到公用事业）中的企业软件公司，其中复杂设备维护和维修是核心系统功能。我们的目标覆盖范.

2021-02-22 53页 5星级

Ciatti全球葡萄酒及葡萄经纪公司：全球葡萄酒市场报告（英文版）（26页）.pdf

Ciatti全球葡萄酒及葡萄经纪公司在2021年1月发布了全球葡萄酒市场报告。全球葡萄酒市场本报告介绍了英国、美国、加州、阿根廷、智利、法国、西班牙、意大利、南非、澳大利亚、新西兰等国家葡萄酒市场的状.

2021-01-28 26页 5星级

【研报】新能源汽车行业系列报告18（深度）：全球市场迎快速增长把握产业发展三大趋势-210107（22页）.pdf

敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 DONGXING SECURITIES 行业研究 东兴证券股份有限公司证券研究报告 新能源汽车新能源汽车行行业：业：全球市场迎快速增长，全球市场迎快.

2021-01-08 22页 5星级

【公司研究】当升科技-公司首次覆盖报告：三元正极准龙头受益全球动力市场高增长-20210107（18页）.pdf

化工化工/化学制品化学制品 请务必参阅正文后面的信息披露和法律声明 1 / 21 当升科技当升科技（300073.SZ） 2021 年 01 月 07 日 投资评级：投资评级：买入买入（首次首次） 日.

2021-01-08 18页 5星级

【公司研究】派能科技-顺应能源变革大势引领全球家用储能市场-20201229（32页）.pdf

点击查看更多【公司研究】派能科技-顺应能源变革大势引领全球家用储能市场-20201229（32页）.pdf精彩内容。

2020-12-30 32页 5星级

罗素投资（Russell Investments）：2021年全球市场趋势报告（英文版）.pdf

NORMAL THE OLD 2021 Global Market Outlook We have a positive medium-term outlook for economies and corporate earnings. Were in the early post-recession recovery phase of the cycle, which implies an extended period of low- inflation, low-interest rate growth that favors equities over bonds. Andrew Pease, Head of Global Investment Strategy COVID-19 vaccine prospects should make 2021 a year of global economic recovery. Markets have priced in a lot of good news, but more gains seem possible as corporate profits rebound and central banks remain on hold. The old normal 2 / 2021 Global Market Outlook / Russell Investments 2020 was a year of surprises. There was the speed at which the pandemic escalated, the severity of the lockdowns, the size of the government stimulus measures globally and the magnitude of the equity market rebounds. Perhaps the biggest surprise is that global equities, as of late November, have gained around 12% since the beginning of the yearan outcome few would have predicted during a global pandemic. With the U.S. election behind us and effective vaccines on the way, investors have become bullish, pushing the S moderately expensive valuations in equity and credit; and an increasingly optimistic industry consensus which has gravitated closer to our macro view. Eurozone The second wave of virus infections has reversed the Q3 V-shaped recovery and the region is on track to record negative GDP growth in Q4. The new lockdowns are working, however, and infections across the region peaked in early November. Lockdowns are being eased in some countries heading into Christmas, but the likelihood is that this winter will see ongoing virus outbreaks and renewed lockdowns until a vaccine becomes widely available, possibly by spring. Europe is poised for a strong post-vaccine recovery. Its economy suffered a big hit from the pandemic, so can rebound from a low base. Europe is more exposed to global trade than the U.S. and will be a beneficiary of a recovery in Chinese demand. After five years of underperformance, we expect the MSCI EMU Index should outperform the S&P 500 in 2021. Europes exposure to financials and cyclically sensitive sectors such as industrials, materials and energy, and its small exposure to technology, give it the potential to outperform in the post- vaccine phase of the recovery when economic activity picks up and yield curves steepen. 8 / 2021 Global Market Outlook / Russell Investments United Kingdom COVID and Brexit uncertainty have battered the United Kingdom and GDP is on track for an 11% contraction in 2020. The distribution of a vaccine and a Brexit deal could see the UK economy have one of the biggest rebounds in 2021 with GDP bouncing back by 6-7%. Longer-term, the non-tariff barriers on trade in services, even if there is a Brexit deal, will be a drag on growth, but the cyclical forces driving the GDP rebound should dominate over the next couple of years. The Bank of England is likely to keep rates on hold during the recovery phase and this should keep gilt yields contained, at most rising in line with U.S. Treasuries. The FTSE 100 Index has been the worst-performing regional equity market by a wide margin so far in 2020 through November but could be one of the better performers in 2021. It is cheap relative to other markets and is overweight the financials, materials and cyclical sectors that will benefit most from the global recovery. Japan Japans rebound from the pandemic is likely to lag other developed economies despite its less severe COVID outbreak. This reflects the structural weaknesses that were in place before the pandemic, such as subdued consumption due to the ageing population. Mobility has been slower to recover, reflecting the cautious attitude towards the pandemic from Japans older, more vulnerable population. The policy priorities of the new prime minster, Yoshihide Suga, will be an important watchpoint early next year. Suga has already expressed interest in reforms to improve productivity levels at small and medium enterprises (SME) through subsidizing capital expenditure. This would be an encouraging development, given the low productivity level at Japanese SMEs. The Olympics, assuming they go ahead in 2021, will still give a boost to the economy although smaller than previously expected given they are likely to be at a reduced scale. Russell Investments / 2021 Global Market Outlook / 9 China The Chinese economy has returned to almost pre-pandemic output levelsa significant achievement given the depth of the first quarter downturn. The IMF does not expect other large countries to return to pre-COVID economic levels until at least 2022. Consumption has played catch-up to production and this is important for the outlook for government policy. The Chinese government has a focus on the concept of dual circulation which aims to rebalance the economy towards domestic demand and away from reliance on exports and capital investment. The government believes this transition is needed to ensure that China does not fall into the middle-income trap. The government and Peoples Bank of China have been discussing when to start reducing the amount of stimulus. The most likely outcome is a continuation of the hand-over from monetary policy to fiscal stimulus. Fiscal policy should remain supportive through 2021. More stimulus may be announced at the National Peoples Congress meeting (likely in March 2021) as the government continues to support consumption. The trade war between the U.S. and China should be less heated under President-elect Joe Biden but we do not foresee a return to pre-Trump era relations with China. Two key watchpoints will offer clues to the future of U.S.-China relations. The first will be the initial meeting between Biden and Chinese President Xi Jinping, and subsequent discussions about the future of the current tariffs and the Phase One trade deal. The second watchpoint will be Bidens attempt (and ability) to forge a multi- country alliance to coerce China into improving access to its markets. 10 / 2021 Global Market Outlook / Russell Investments Australia/New Zealand Australia and New Zealand have controlled the virus outbreak better than most other countries and, with relatively open economies, are poised to be beneficiaries from the post-vaccine global recovery. A direct benefit of the vaccine will be the return of inbound tourism. This will particularly benefit New Zealand given its reliance on Australian visitors. The re-election of Jacinda Arderns Labour government in New Zealand means a continuation of the supportive fiscal stance for the economy, while in Australia, the Liberal government has committed to deficit spending until the unemployment rate is below 6%. This wont be until 2022, as per their forecasts. The central banks of both countries have become more aggressive in their accommodation, with the Reserve Bank of Australia (RBA) undertaking a quantitative easing program and the Reserve Bank of New Zealand (RBNZ) implementing a Funding for Lending scheme (under which the RBNZ provides the banks with funds for lending, similar to the European Central Banks targeted longer-term refinancing operations program). Next year will likely see an expansion of the RBAs quantitative easing (QE) program, and there remains a possibility of negative interest rates in New Zealand. The recovery in the global economy, led by China, should benefit the equity markets in both countries. The offset, however, is that a return to economic normality will place upward pressure on both the Australian and New Zealand dollars. Canada Canada seems likely to be a bigger beneficiary from the post- vaccine rebound than the United States. Unlike the U.S., there are no concerns about political gridlock, and fiscal support is likely to remain in place for as long as needed. Canadas economy contracted by an annual rate of 13.4% over the first half of 2020 and fiscal policy has been critical to the recovery since then. The near-term risk is that virus cases are rising at a worrying pace, forcing provincial policy makers to reimpose business restrictions. We expect the Canadian economy will grow by 5% in 2021. Canadas exposure to commodities, particularly oil, will benefit from the rebound in the global economy. Business investment may be slower to materialize but the housing market and improving commodity prices should serve as the foundation to the recovery. The S&P/TSX Composite Index has lagged the S&P 500 by a wide margin this year. It should recover some of this underperformance in 2021 in line with the global recovery. The Canadian dollar should also rebound in line with its commodity price correlation, with the potential for a $0.79 CAD/ USD exchange rate. Russell Investments / 2021 Global Market Outlook / 11 Asset class preferences Our cycle, value and sentiment investment decision-making process in early December 2020 has a moderately positive medium-term view on global equities. Value is slightly expensive, with the expensive U.S. market offset by fair value in the rest of the world. Sentiment is slightly overbought following the post-vaccine announcement optimism. The cycle is supportive of risk assets for the medium-term. The recovery from the recession means a long period of low-inflationary growth supported by monetary and fiscal stimulus. We prefer non-U.S. equities to U.S. equities. The post-vaccine economic recovery should favor undervalued cyclical value stocks over expensive technology and growth stocks. Relative to the U.S., the rest of the world is overweight cyclical value stocks. We like the value in emerging markets (EM) equities. Chinas early exit from the lockdown and stimulus measures should benefit EM more broadly, as will the recovery in global demand and a weaker U.S. dollar. High yield and investment grade credit are slightly expensive on a spread basis but have an attractive post-vaccine cycle outlook. Bank loans and U.S. dollar-denominated emerging markets debt in our view offer the best opportunities. Government bonds are expensive. Low inflation and dovish central banks should limit the rise in bond yields during the recovery. U.S. inflation-linked bonds offer good value with break-even inflation rates well below the Feds targeted rate of inflation. Real assets: Real Estate Investment Trusts (REITs) sold off heavily in March 2020, with investors concerned about the implications of social distancing and online shopping for office buildings and shopping malls. Sentiment appears overly bearish, while value is positive. These should be a pandemic recovery trade. Listed infrastructure should also benefit from the global recovery, boosting transport and energy infrastructure demand. The U.S. dollar should weaken into the global economic recovery given its counter-cyclical behavior. The dollar typically gains during global downturns and declines in the recovery phase. The main beneficiaries should be the economically sensitive commodity currencies: the Australian, New Zealand and Canadian dollars. The euro and British sterling are undervalued. Both currencies should be boosted by the post- vaccine recovery. 12 / 2021 Global Market Outlook / Russell Investments Asset performance since the beginning of 2020 % -15 -10 -5 0 5 10 15 20 25 30 35 40 FTSE 100 () Global REITS ($) Bloomberg Commodities Index ($) Global Listed Infrastructure ($) US Dollar Index DXY ($) MSCI EMU () Russell 1000 Value ($) ASX 200 (A$) German 10Y Govt Bond () S&P/TSX (C$) Japan Topix () ML Global High Yield Bonds ($) ML Global Corporate Bonds ($) MSCI All Country World ($) MSCI Emerging Equities ($) US 10Y Govt Bond ($) S&P 500 ($) Gold ($) MSCI China ($) Russell 1000 Growth ($) Nasdaq ($) Source: Refinitiv Datastream. Last observation: November 24, 2020. The post-vaccine period should deliver another strong, V-leg for the U.S. recovery that delivers real GDP growth in excess of 5% in 2021. Andrew Pease, Head of Global Investment Strategy Russell Investments / 2021 Global Market Outlook / 13 IMPORTANT INFORMATION The views in this Global Market Outlook report are subject to change at any time based upon market or other conditions and are current as of December 7, 2020. While all material is deemed to be reliable, accuracy and completeness cannot be guaranteed. Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. Keep in mind that, like all investing, multi-asset investing does not assure a profit or protect against loss. No model or group of models can offer a precise estimate of future returns available from capital markets. We remain cautious that rational analytical techniques cannot predict extremes in financial behavior, such as periods of financial euphoria or investor panic. Our models rest on the assumptions of normal and rational financial behavior. Forecasting models are inherently uncertain, subject to change at any time based on a variety of factors and can be inaccurate. Russell believes that the utility of this information is highest in evaluating the relative relationships of various components of a globally diversified portfolio. As such, the models may offer insights into the prudence of over or under weighting those components from time to time or under periods of extreme dislocation. The models are explicitly not intended as market timing signals. Forecasting represents predictions of market prices and/or volume patterns utilizing varying analytical data. It is not representative of a projection of the stock market, or of any specific investment. Investment in global, international or emerging markets may be significantly affected by political or economic conditions and regulatory requirements in a particular country. Investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. Such securities may be less liquid and more volatile. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and political systems with less stability than in more developed countries. Currency investing involves risks including fluctuations in currency values, whether the home currency or the foreign currency. They can either enhance or reduce the returns associated with foreign investments. Investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, pr

2020-12-24 14页 5星级

上海交通大学：全球资本市场竞争力报告（2020）（20页）.pdf

2 pOpQnNqNwPrQsNnMsPmRtN9PcM7NpNpPoMoOkPrQoMkPsQnM9PpOpMNZrNrNNZqQvN 摘 要 资本市场每一次重大制度变革和创新，都会进一步激发市场.

2020-12-21 20页 5星级

伽马数据：2020全球移动游戏市场企业竞争力报告（56页）.pdf

、，唱

2020-12-21 56页 5星级

【研报】电气设备行业投资策略：市场化大周期开启中国创新引领全球-20201205（19页）.pdf

点击查看更多【研报】电气设备行业投资策略：市场化大周期开启中国创新引领全球-20201205（19页）.pdf精彩内容。

2020-12-08 19页 5星级

浦发硅谷银行：全球视野下的中国医疗健康资本市场(27页)(1).pdf

年 至 月，全球 医疗健康创新生态圈总投资额达亿美元，其中美国以亿美元投资额（） 位居首位，其次是中国和欧洲，分别为亿美元（）和亿美元（）。尽管新冠疫情造成金融市 场动荡，全球范围内 风投注资的医疗.

2020-12-04 27页 5星级

全球适应中心（GCA）：2020年第二季度流媒体行业报告（英文版）（41页）.pdf

2020年第二季度音乐行业总结尽管COVID-19对音乐流媒体的增长产生了积极影响，正如在线视频、电子商务和数字健康和健康应用程序及技术一样，本季度还有三个其他重大事件对该行业产生了影响：第一，华纳音乐集团（Warner Music Group）以每股25美元的价格发行7700万股，以约130亿美元的估值筹集了19.25亿美元的资金，这是今年迄今为止以美元计算的最大规模IPO，其中大部分资金流向了售股股东/所有者接入行业第二，高盛（goldmansachs）备受期待的年度“空中音乐”（Music in the Air）报告于今年5月发布，而对现场音乐和邻近行业的一些近期预测则因这一流行病而受到影响，数字音乐增长依然强劲，总体音乐行业的长期前景依然看好尽管宏观经济趋势不利，但音乐公司最近的公开市场活动支撑了该类别在第二季度的成功。第三，Spotify的（现货）市值自1月份以来已升值70%以上，我们预计，该公司将利用其股权继续其积极的并购战略今年5月，该公司宣布与价值超过1亿美元的乔罗根体验达成一项多年独家交易今年6月，该公司宣布与华纳兄弟/华盛顿漫画公司（Warner Bros/DC Comics）和金卡戴珊韦斯特（Kim Kardashian West）建立播客合作关系这突出了Spotify的优势对播客领域的持续兴趣在我们的核心音乐集团中，音乐发行商是上市公司的领头羊，交易收入为EV/2020E的5.2倍，息税折旧摊销前利润为EV/2020E的17.9倍DSP。战略和财务发起人正寻求通过高调的音频融资增加对这一快速增长的细分市场的敞口-KKR对Artlist的投资突出了2020年第二季度的活动-SoundCloud也在今年早些时候宣布了7500万美元的投资，从天狼星XM将加速产品开发我们预计，随着数字音频市场的不断发展，顶级艺术家将在新兴平台上分裂，利用技术创造差异化的产品，这一趋势将继续下去。

2020-12-01 41页 5星级